Sterling and Currency - Market Movementshttps://www.sterlingcurrency.com.au/blog-categories/market-movements
en2014 Australian Coin Values Book Smackdown - Who Will Come Out On Top?https://www.sterlingcurrency.com.au/articles/2014-australian-coin-values-book-smackdown-who-will-come-out-top
<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"> <p><span style="line-height: 1.538em;">When the 2014 editions of both of Australia’s coin and note price guides were put out in late November last year, we sold more copies of both books in December than we have in entire years previously - I don’t think it’s too far a stretch to say that interest in coin values is stronger now than it ever has been.</span></p>
<p>I strongly believe that it’s incumbent on each one of us to do our own due diligence when buying or selling, yet at the same time, over the past 6 months I’ve heard feedback from collector after collector that they’re jack of buying books that simply don’t help them make the decisions they need to make when buying and selling.</p>
<p>This problem goes far further than shelling out $40 for a book that you only look at once and then toss away in disgust - to the degree that these catalogues include figures that cause sellers to come to market with wildly optimistic notions of what they might fetch for their items, they’re preventing supply from entering the market in an efficient manner.</p>
<p>Further, to the degree that they don’t inform buyers of the <em>real value</em> that’s available in the market at the moment - right across the board and not just in one market segment, they're preventing new buyers from entering the market.</p>
<p>Nobody is served in these circumstances - sellers can’t sell, buyers can’t buy, and catalogue publishers can’t publish if this continues!</p>
<p><strong>It's Time to Stop Just Complaining</strong></p>
<p>I believe I can say that I know the publishers of both of the Australian coin and note price guides well enough to discuss this situation candidly and with respect - the reason I’ve come to the point of “going public” about this is because, as I've said, I’ve spent much of the past 6 months providing written valuations and talking to buyers and sellers about this issue ad nauseum. I believe it’s high time we all did something about it, rather than just complain.</p>
<p>This hasn’t always been the case of course - for many years, the catalogues were essential and accurate guides to where the market was at. Things sure have changed however, and I believe accuracy started to slide when segments of our market began to come off the boil about 6–7 years ago.</p>
<p>Few of us have the discipline to unfailingly acknowledge reality - I believe we need to though if we stand any chance of helping the market to truly recover.</p>
<p>Some market participants - collectors as well as dealers, are concerned that <em>if</em> prices in the guides <em>do</em> come back, then it’s going to <em>crash</em> the market. While I appreciate we can’t be cavalier about any changes that are made, this type of concern by itself doesn’t do anything constructive at all to repair the markets we’re all active in.</p>
<p><strong>Turning the Market Around</strong></p>
<p>And this is where I believe the price guides play a role in turning the markets around - their role is to let collectors know the reality of the market - that there is price volatility in certain segments, and that values have come off in other segments, in some cases quite drastically.</p>
<p>If values in the price guides are brought into line with where the market is now, I’d be naive and foolish to think that the next phase of the market’s cycle will pass without conflict, angst or upset. Despite the distress that is surely to come for many when reality finally sets in, I see no other path forward at all.</p>
<p>Until we get a new generation of buyers into the market, prices simply can’t recover. New buyers won’t enter the market until they see value, and they won’t know there’s value to be had if the books don’t reflect what items are currently trading for!</p>
<p>And so this is (finally) where we come to the purpose of a series of articles that I’ll publish in the coming weeks.</p>
<p><strong>Shining A Light</strong></p>
<p>What I intend to do is to start a discussion about each major section of these books - to compare values between 2014 and 2013, to compare the Rennik’s guide with the McDonald guide, and to start to shine a light on which values might change so more people can agree that the figures included are indeed a reasonable guide.</p>
<p>So, <strong><em>just what is a reasonable guide</em></strong>? For the record, I believe the definition of market value that should be used by these catalogues is the following:</p>
<p><em>“The amount that an item is likely to change hands for, between a willing buyer and a willing seller, where both parties act knowledgeably, prudently and without compulsion.”</em></p>
<p>I’ll be the first to admit that this is a long-winded definition, however it gets to the heart of the matter at the moment - collectors want market values that are reasonably likely to apply when it comes time to sell, and not just when they're buying. <span style="line-height: 1.538em;">We certainly don’t have them at the moment.</span></p>
<p>Collectors don’t want to know to the cent how much they’re going to get from a dealer when they sell, but what they don’t want is for a dealer to say “Even though the book says $55,000, the last three that have turned up at auction have made between $4,000 and $8,000.” In my experience, a reasonable collector that’s aware of the market will generally understand why a dealer might offer anywhere between $4,000 and $11,000 on an item that has a catalogue value of $12,500, however they won’t cop those figures for an item that has a book value of $55,000.</p>
<p><strong>Let Me Know What You Think</strong></p>
<p>I’d love to hear what your thoughts are about the price guides at the moment - do you think they need updating?</p>
<p>Where?</p>
<p>By how much?</p>
<p>What information would you like me to cover in my reviews to bring you up to speed?</p>
<p>Do you think the definition of market value that I’ve outlined above is useful, or should we be looking at something different?</p>
<p>Feel free to leave any feedback in the comments section below.</p>
</div></div></div><div class="field field-name-field-category-news-views field-type-taxonomy-term-reference field-label-above"><div class="field-label">Category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/blog-categories/market-movements">Market Movements</a></div></div></div>Thu, 06 Feb 2014 06:25:44 +0000andrew4342 at https://www.sterlingcurrency.com.auhttps://www.sterlingcurrency.com.au/articles/2014-australian-coin-values-book-smackdown-who-will-come-out-top#commentsRoxbury's 90 and Downie's 316 Rare Coin Auction Previewshttps://www.sterlingcurrency.com.au/articles/roxburys-90-and-downies-316-rare-coin-auction-previews
<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"> <p>Here we are at the tail end of the Australia Day weekend, most civilized people have returned to their gainful employ for the start of the year, minds start turning away from holidays, the beach, cricket and sunshine and towards the regular business of the year. That’s the theory anyway.</p>
<p><strong>Roxbury’s Auction 90 (February 8)</strong></p>
<p>The first numismatic auction for 2014 is sale # 90, held by Roxbury’s in Brisbane. To the degree that it’s the first numismatic auction to be held since the safe custody inventory of the former customers of the Rare Coin Company has been handed back, all eyes are now peeled to see what tone it might set for the year. The sale includes a range of material that hasn’t been seen on the open market for years - not least the Unissued Type II £1,000 Specimen note, featured on the front cover. This note, as well as other items in the sale, are known to have come from the inventory of the Rare Coin Company, creditors will be keen to see all of these items bring strong prices.</p>
<p>The Type II Unissued £1,000 specimen note hasn’t been seen at auction since IAG Auction 68 in September 2008, when it made a nett price of just over $1,000,000. It’s common knowledge that sentiment in much of the market has eased since that time, so it will be interesting to see how this item finishes up. For anyone with a keen interest in the history of Australian paper currency, this could be the opportunity of a lifetime.</p>
<p>The Roxbury’s auction isn’t stocked out with just high-flying items at all - there is just shy of 1,600 lots in the sale, the vast majority of them will appeal to collectors working with a modest budget. The pre-decimal coin section alone features some 500 lots, ranging from inexpensive lots of circulated coins to a few PCGS-graded pieces that should get the registry set devotees fighting amongst themselves. There is a good range of quality material here!</p>
<p>Gold coin collectors certainly don’t miss out either, with over 150 individual sovereigns or half sovereigns to choose from. Rarities in the gold session include a proof 1857 Sydney Mint half soveriegn, as well as a rare 1926 Sydney circulation strike.</p>
<p>The Unissued Type II £1,000 specimen is preceded by an incredibly rare Collins Allen £10 specimen note, this has only been offered for sale via auction twice before.</p>
<p>There are over 100 lots of paper or polymer decimal notes to choose from, real garden variety lots in a range of grades to suit set collectors keen to make some progress. These are closely followed by the decimal specimen notes, and if you’ve had your eye on these for some time but have been waiting for values to come down before getting a toe in the water, I hope you have your cozzie on because now could just be the time. There are 26 different specimen notes to choose from - in the past, you could go years without seeing that number of specimens - to see this many in just one auction really is unprecedented.</p>
<p>There isn’t a huge array of items in the Pre-Federation section, however what is there appears to be well estimated. There are close to 200 different Pre-Decimal notes on offer, and while there many not be many finest known examples amongst them, there is a lot that will satisfy the collector keen on attractive notes at an affordable price.</p>
<p>The starnote section includes a good number of notes that have to be worth reviewing - advertised grades and estimates show there could be some good buying here. The error / variety note session even includes a number of pre-decimal error notes, these are very rare indeed.</p>
<p>I’m really looking forward to this sale - Roxbury’s auctions are always well-attended, and I expect the bidding to be quite spirited across the board. It’s going to be a long day compared to the auctions they normally hold, however I’m confident this is going to be the start of a new phase where we start to see a new energy taking hold in our market.</p>
<p><strong>Downie’s Auction 316 (February 18 &amp; 19)</strong></p>
<p>Less than a fortnight after the Roxbury’s auction, Downie’s follow suit with their first sale of the year. I believe its’ fair to say that Downie’s have a lot more variety than most Australian numismatic auctions - there are many sessions that are reasonably removed from the mainstream areas of Australian numismatics, and unless you’re into medallions, tokens or decimal coins, there won’t be much in the first 1,100 lots of this auction that will interest you.</p>
<p>Tuesday afternoon’s coin session includes a promising array of proclamation and gold coins, as well as a decent range of Australian Commonwealth coins. Just what flies in Melbourne will be interesting to see - we know that finest-known pre-decimal coins are quite strong at the moment, just whether any of the raw coins in this auction are identified by collectors and dealers to meet that standard is always good sport.</p>
<p>The world coin and note sessions at Downie’s always include a few treasures waiting to be discovered - this sale includes a good number of graded US silver dollars, as well as some attractive British Commonwealth notes in nice grade. Any collector of Australian notes that hates missing out on bargains will have to check out the sessions here, as you just never know what might be lurking in this sale.</p>
<p>If there’s a common theme to both of these auctions, it’s an air of anticipation of what might be hidden for the prudent buyer prepared to do their homework. I don’t expect to see any new price records set, however at the same time I’m confident that the clearance rate at both sales will be healthy at least.</p>
</div></div></div><div class="field field-name-field-category-news-views field-type-taxonomy-term-reference field-label-above"><div class="field-label">Category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/blog-categories/market-movements">Market Movements</a></div></div></div>Tue, 04 Feb 2014 09:05:49 +0000andrew4341 at https://www.sterlingcurrency.com.auhttps://www.sterlingcurrency.com.au/articles/roxburys-90-and-downies-316-rare-coin-auction-previews#commentsJust How Accurate Is the PCGS Population As A Guide to the Rarity of a Coin?https://www.sterlingcurrency.com.au/articles/just-how-accurate-pcgs-population-guide-rarity-coin
<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"> <p><span style="line-height: 1.538em;">This article is going to be something of a work in progress - the subject matter is one that hasn’t yet been widely discussed in Australia, however I believe it’s an important one to get started. <a href="http://www.coinweek.com/coin-grading/a-close-look-at-pcgs-ike-populations-from-2010-through-2013/">It is a subject that collectors in the US grapple with from time to time</a>.</span></p>
<p>For those of you that aren’t aware, the Professional Coin Grading Service (PCGS) is now a rather popular service used by collectors in Australia - coins sent to this company are independently assessed for their authenticity and condition, with the number of each coin sighted recorded and displayed in <a href="http://www.pcgs.com/pop/default.aspx?t=9">The PCGS Population Report</a> on the PCGS website.</p>
<p>This “Population Report” is used by many collectors (myself included) as a further indicator of rarity that goes above and beyond the knowledge gained from assessing a mintage figure.</p>
<p>My thoughts are that the PCGS population is a useful proxy for the market rarity of a coin - the number of coins that actually exist, and the number of coins that are available to collectors on the open market. I’ve been using the PCGS population to try and identify coins that may either be rarer than their mintage or catalogue value might suggest, something that is a very interesting exercise indeed.</p>
<p>As an indication, here is a screenshot of <a href="http://www.pcgs.com/pop/detail.aspx?c=5037">the current population of the King George VI threepences in mint state</a>:</p>
<p><img src="http://www.sterlingcurrency.com.au/images/KGVI_3D_POPULATION_210613.jpg" alt="KGVI 3d Population via PCGS" title="KGVI 3d Population via PCGS" width="525" height="550" style="vertical-align: baseline;" /></p>
<p>I look at that information and can see that the pretty significant difference between the population of the 1941 threepence and the 1947 threepence (14 and 78 coins graded respectively) doesn’t align with the difference in catalogue values that these coins presently have ($95 and $150 respectively in UNC).</p>
<p>As PCGS has been on the Australian numismatic scene in a reasonable way for 3–4 years now, I’ve had the opinion that the PCGS population of certain coins would be a more accurate indicator of their market rarity than the prevailing opinions based on mintage figures and catalogue values. Working on this assumption, I'm keen on coins such as the 1941 3d identified above, that appear to be inexpensive relative to coins with a higher catalogue value and also a higher PCGS population.</p>
<p>Assessing the PCGS population for another relatively short series of Australian coins has me question whether this conclusion is entirely correct however. Exhibit B here is <a href="http://www.pcgs.com/pop/detail.aspx?c=5059">the current PCGS population for the half sovereigns of King George V:</a></p>
<p><img src="http://www.sterlingcurrency.com.au/images/KGV_HALF_SOV_POPULATION_210613.jpg" alt="KGV Half Sovereign Population Via PCGS" title="KGV Half Sovereign Population Via PCGS" width="550" height="378" style="vertical-align: baseline;" /></p>
<p>The two coins I’m looking at here are the 1912 Sydney and the 1918 Perth, with a population of 24 coins and 22 coins respectively. The 1918 Perth is easily the key date to this set, and has a current catalogue value of $9,500 in UNC, whereas the 1912 Sydney is considered to be far more readily available and has a catalogue value of just $525 in the same grade.</p>
<p>There are a number of presently-unconfirmed stories that the entire mintage of the 1918 Perth half sovereign was exported to India, and as a result it wouldn't be completely out of this world for a small hoard of them to be discovered, and to then make their way onto the collector market.</p>
<p>That said, I don’t yet accept that the PCGS population for the 1918 Perth half sovereign is an accurate reflection of it’s rarity, relative to other Australian half sovereigns anyway.</p>
<p>If you click through using the links below, you’ll see that the 1918-Perth half sovereign actually has a higher PCGS population than any other Australian half sovereign dated earlier than 1911 (apart from the 1856 half sovereign):</p>
<p><a href="http://www.pcgs.com/pop/detail.aspx?c=5057">Australian Half Sovereigns Issued Under Queen Victoria</a></p>
<p><a href="http://www.pcgs.com/pop/detail.aspx?c=5058">Australian Half Sovereigns Issued Under King Edward VII</a></p>
<p>If we were to accept that the PCGS population was indeed a razor-sharp accurate guide to the rarity of a coin, it would mean that the 1918-P is far more readily available than nearly all Australian sovereign issued between 1857 and 1910, an argument that even the most ardent devotee of the PCGS system would have to agree is unlikely to stand up to the test of time.</p>
<p>Such a conclusion doesn’t explain how this anomolous situation has come about however - just why is the population of the 1918-P so high relative to other dates?</p>
<p>There is little doubt that increasing numbers of Australian collectors are turning to PCGS to get a clear idea of where the grade of their coins sits in relation to others that are known to exist. I believe the “early adopters” of the PCGS grading system tend to be younger than average, and further the members of this generation that are interested in half sovereigns have more often than not embarked on collecting half sovereigns by acquiring coins in the KGV series in mint state first, rather than getting earlier and more historic coins.</p>
<p>The 1918 Perth has easily been the most keenly sought Australian half sovereign for a few years now, largely because it is the key date in what is otherwise such an accessible series, keenly built by younger than average collectors. Couple all these informal observations together and you get what I believe is a rather disproportionate number of coins of that date having been submitted to PCGS for grading.</p>
<p>Auction records are yet another means by which collectors (incuding myself!) obtain a proxy idea of the rarity of a coin. My study of auction records over the past few years reminds me that I’ve only seen one (raw or unslabbed) 1918-P in what I’d describe as unimpaired mint state (MS62) in the past two years, as wellas one other raw coin that I assessed as Choice Uncirculated (MS 63). While these coins may well have been adjudged by PCGS as being a point or two either side of my own estimates, I believe the auction records show that although an unforseen number of 1918-P half sovereigns may well have been graded by PCGS in recent months, these coins aren’t making their way onto the open market in any way, much less at discounted prices.</p>
<p>I’m interested to hear how you use the PCGS population report to assess market rarity, or auction estimates, or mintage figures, or even catalogue values.</p>
<p>Are they finally an unbiased view of rarity, or do they really need to be taken in context of the other data that is available? At this stage, I believe the latter is the case.</p>
</div></div></div><div class="field field-name-field-category-news-views field-type-taxonomy-term-reference field-label-above"><div class="field-label">Category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/blog-categories/market-movements">Market Movements</a></div></div></div>Fri, 21 Jun 2013 07:25:12 +0000andrew3836 at https://www.sterlingcurrency.com.auhttps://www.sterlingcurrency.com.au/articles/just-how-accurate-pcgs-population-guide-rarity-coin#commentsThe Bentley Collection Part Two - The Ultimate Collection of British Milled Sovereignshttps://www.sterlingcurrency.com.au/articles/bentley-collection-part-two-ultimate-collection-british-milled-sovereigns
<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"> <p>If you’ve had an interest in Australian gold coins for any period of time, you’ll be aware that a major collection of gold sovereigns hit the market in London earlier this year - Part One of The Bentley Collection.</p>
<p>Part Two (of three parts) of The Bentley Collection will be auctioned by Baldwin’s of London later this month - September 27th. Baldwin’s quite correctly describes it as being “The Ultimate Collection of British Milled Sovereigns”, it certainly does contain an incredible range of remarkable British, Australian, Canadian, Indian and South African gold coins.</p>
<p>Part Two of The Bentley Collection is of most interest to Australian collectors, as it includes a wide range of Australian gold sovereigns.</p>
<p><strong>First Impressions</strong></p>
<p>My very first impression of the catalogue was the inclusion of a short passage of biographical information on each of the monarchs reigning over the British Empire over the period that these gold coins were struck - this is a fantastic addition to the catalogue, and for mine indicates a sensitivity, a certain attention to detail that sets the collection apart. I note that <a href="http://en.wikipedia.org/wiki/George_III_of_the_United_Kingdom">King George III married his wife Charlotte on the same day that he met her (long story), and that between them they had no less than fifteen children</a> - a remarkable series of circumstances.</p>
<p>Moving onto matters numismatic, I was also struck by the relative affordability of some of the early British sovereigns in attractive grade - some of them have extremely low estimates relative to what a number of our own sovereigns that in some ways have far less history to them are fetching at present.</p>
<p>The next feature of the catalogue that comes to mind is that many, many (minor) varieties of sovereign have been discovered. Not all of them rate a mention in the major catalogues that these sovereigns are featured in, however that these differences have been identified and advertised is a testament to the degree to which the sovereigns in The Bentley Collection have been studied by it’s owner and the cataloguer.</p>
<p>The cataloguer has shared his own thoughts on a “new” portrait of Victoria that he has identified was in use at the Royal Mint from 1870 onwards. The characteristics of this portrait, although identified previously, haven’t been described in anywhere near as much detail as is seen in the catalogue for The Bentley Collection. How this portrait compares with the 1871 Sydney and 1872 Melbourne Shield sovereigns (with the Shield reverse) will be interesting indeed.</p>
<p><strong>Strict British Grading Standards</strong></p>
<p>At least one section of the catalogue is set aside to explain the grading standard used when describing the catalogue. One section states “We wish to emphasise that the coins in this section have been graded according to strict British standards,which seem to compare differently to that used in Australia. This will become clear when coins with British grading here are actually nicer than a specimen in the Quartermaster collection which on the Australian system appears to be one whole grade higher. This occurs frequently and it would seem an Australian grading equivalent of the British standard is one grade step higher.”</p>
<p>It may be my fragile colonial ego becoming inflamed here, however I don’t necessarily see how this statement makes sense. It is indeed very appropriate to explain the standard of grading used when any coin is being advertised, particularly as is the case with the items in this catalogue, where prospective buyers span the world and can interpret adjectival descriptions in any number of ways. A few words of explanation</p>
<p>That said, I don’t believe it is correct to say that the British standard is necesarily ’“stricter” than the Australian standard, not against any other standard either for that matter. As Shakespeare stated:</p>
<p><em>“What’s in a name? That which we call a rose By any other name would smell as sweet.”</em></p>
<p><strong>Romeo and Juliet (II, ii, 1–2)</strong></p>
<p>In my opinion, the validity or rigour of a grading standard is not seen so much in the levels at which coins are graded (whether that be higher or lower than any other standard), nor in the number of categories that any one grading standard may have (whether that may be more or less than any other grading standard).</p>
<p>The “strictness” of a grading standard is more seen in the degree to which it is adhered to. I fully take the cataloguer’s point that adjectival grading standards between Great Britain and Australia are indeed different, however I don’t agree that it is correct to say that one is stricter than another. Colonial rant over!</p>
<p>I do however ageree with the point put forward by the cataloguer when describing lot 663 - the 1879 Sydney Shield reverse sovereign with the “O” over “C” legend variety. I haven’t yet been convinced that this design variety isn’t just the product of a simple die flaw - interesting, but not a significant legend variety as far as I can see.</p>
<p>I was very interested to note the description of the reverses of lots 673 and 674 - both St George reverse sovereigns struck at the Sydney Mint in 1871. The cataloguer has identified a number of differences in the claws of the dragon on either of these coins - this is a distinction that I havent’ come across before.</p>
<p>Many Australian sovereigns in the Bentley Collection have extended descriptions about certain die characteristics that these coins have - the coins are not so much rare die varieties that have been listed in the major catalogues, but feature more minor differences that may be of interest to an enthusiastic sovereign collector.</p>
<p>Lot 694 is an 1887 Sydney Jubilee Head “proof” sovereign, and while this description has been used for similar coins elsewhere, based on the technical characteristics that this coin has, I believe it’s more appropriate to describe it as being a specimen strike. This alternative description should in no way detract from the rarity, history or desirability of the coin, but I believe better describes the quality of the coin’s surfaces.</p>
<p>Lot 709 is an 1893 Sydney Veiled Head sovereign, while lot 804 is an 1893 Melbourne Veiled Head sovereign. The cataloguer describes these coins as “mules” - coins struck with a hybrid pair of dies not intended to be used together. This description is based on the fact that the reverse design on these 1893-dated sovereigns is the same as was used on the Jubilee head sovereigns that preceded them.</p>
<p>If it can be proven that there are 1893-dated Veiled Head sovereigns with the reverse design seen on sovereigns dated 1894 through 1901, then I would certainly agree that the two coins included in The Bentley Collection are indeed mules. If however, it is determined that the particular variety of the St George &amp; Dragon reverse design used from 1894 onwards was never deployed in 1893, I don’t believe the descriptor of mule will hold as much water when reviewed in future.</p>
<p>The most important, or at least the most valuable coin in the entire Bentley Collection is lot 736 - the 1920 Sydney. Only two circulation strikes of this coin exists in private hands, while there is one more specimen strike known in private hands also.</p>
<p>There are two interesting aspects to the discussion of this coin in the catalogue for the Bentley Collection - the cause of the surface characteristics that the reverse of this coin has and the possible cause of the ultimate rarity that this coin has.</p>
<p>This explanation alone could make the basis of an excellent article - I certainly hope that it gets a wider circulation than simply those collectors that happen to read the catalogue. Whether the reverse characteristics are a consequence of a rusted or “pickled” reverse die, or for some other reason, really needs more research to confirm or deny. Whether the rarity of the 1920 Sydney sovereign is a result of having been struck specifically for presentation purposes in relation to a special event, or another explanation, really can only be explained through further research. I found it interesting that the cataloguer mentioned the possibility that the specimen strike of this historic coin occurred “probably later” and “perhaps in … 1926” - this is the first published mention of this theory that I have come across to date.</p>
<p>I found the description of lots 763 through 765 are interesting also - they are described as having a “transitional” reverse, hitherto described by Australian numismatists as the “Medium Tail” reverse. This distinction is interesting, and could do with a far more detailed explanation than the space available in an auction catalogue permits - I hope it is explored further in future.</p>
<p>Not only does Part Two of The Bentley Collection contain a large number of rare and desirable Australian sovereigns, it also includes a number of historic and rare gold coins from Canada; India and South Africa.</p>
<p>There is little doubt that it is <em>“The Ultimate Collection of British Milled Sovereigns”</em>, keep your eyes peeled on the news section of our website for a wrap up of the auction’s results as soon as they’re known.</p>
</div></div></div><div class="field field-name-field-category-news-views field-type-taxonomy-term-reference field-label-above"><div class="field-label">Category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/blog-categories/market-movements">Market Movements</a></div></div></div>Fri, 14 Sep 2012 08:32:07 +0000andrew2132 at https://www.sterlingcurrency.com.auhttps://www.sterlingcurrency.com.au/articles/bentley-collection-part-two-ultimate-collection-british-milled-sovereigns#commentsA Landmark Event In Australian Numismatics - Pacific Rim Online Auction #3https://www.sterlingcurrency.com.au/articles/landmark-event-australian-numismatics-pacific-rim-online-auction-3
<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"> <p>You may or may not be aware of it, but there was a landmark event in Australian numismatics in late June 2012 - it was the first major online auction of a comprehensive collection of PCGS-graded Commonwealth coins in superb quality.</p>
<p>Initial estimates show that <a href="http://www.pacificrimonlineauctions.com/Pacific-Rim-Online-Auctions-Number-3_as23520">Pacific Rim Online Auctions Number 3</a> generated over $800,000 in sales - all in about four hours no less! This auction was notable for a number of reasons:</p>
<ul><li>It was conducted entirely online - a printed catalogue was not made available;</li>
<li>With a very few exceptions, each and every coin in the auction had been graded by <a href="http://www.pcgs.com">Professional Coin Grading Service (PCGS)</a>;</li>
<li>The auction was comprised entirely of an important collection of Australian Commonwealth coins from just one vendor;</li>
<li>The auction included many “condition rarity” coins, <em>(as presently assessed by PCGS)</em> - in numerous cases, these coins were the finest of their date to been seen in a number of years;</li>
<li>Many new prices were set as a result of a combination of the above four factors.</li>
</ul><p>Most collectors will be more interested in hearing about the record prices rather than the economic consequences of the auction, so we’ll get onto them first. Let me preface these figures with a warning - if you are holding a small child, are drinking cup of hot coffee or believe you may be prone to irrational shouting and are presently in a public place, please take preventative measures to ensure that you don’t do yourself or a loved one an injury when you react to these figures!</p>
<table width="90%" cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; table-layout: fixed;"><colgroup><col width="65" span="8" style="width:65pt" /></colgroup><tbody><tr height="16" style="height:16.0pt"><td width="65" height="16" class="xl65" style="height:16.0pt;width:65pt">RANK</td>
<td width="65" class="xl65" style="width:65pt">LOT</td>
<td width="65" class="xl65" style="width:65pt">DESCRIPTION</td>
<td width="65" class="xl65" style="width:65pt">START PRICE</td>
<td width="65" class="xl65" style="width:65pt">HIGH BID</td>
<td width="65" class="xl65" style="width:65pt">NETT PRICE</td>
<td width="65" class="xl65" style="width:65pt">GRADE</td>
<td width="65" class="xl65" style="width:65pt">%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">1</td>
<td class="xl66">122</td>
<td>1955 Penny<span style="mso-spacerun:yes"> </span></td>
<td align="right" class="xl67">$100.00</td>
<td align="right" class="xl67">$2,000.00</td>
<td align="right" class="xl67">$2,300.00</td>
<td>PCGS MS65R<span style="display:none">D</span></td>
<td align="right" class="xl68">2200%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">2</td>
<td class="xl66">121</td>
<td>1953 Perth P<span style="display:none">enny<span style="mso-spacerun:yes"> </span></span></td>
<td align="right" class="xl67">$100.00</td>
<td align="right" class="xl67">$1,200.00</td>
<td align="right" class="xl67">$1,380.00</td>
<td>PCGS MS64R<span style="display:none">B</span></td>
<td align="right" class="xl68">1280%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">3</td>
<td class="xl66">169</td>
<td>1943S Three<span style="display:none">pence<span style="mso-spacerun:yes"> </span></span></td>
<td align="right" class="xl67">$250.00</td>
<td align="right" class="xl67">$2,000.00</td>
<td align="right" class="xl67">$2,300.00</td>
<td>PCGS MS65</td>
<td align="right" class="xl68">820%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">4</td>
<td class="xl66">84</td>
<td>1952 Shilling<span style="mso-spacerun:yes"> </span></td>
<td align="right" class="xl67">$50.00</td>
<td align="right" class="xl67">$375.00</td>
<td align="right" class="xl67">$431.25</td>
<td>PCGS MS64+</td>
<td align="right" class="xl68">763%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">5</td>
<td class="xl66">127</td>
<td>1958 Penny<span style="mso-spacerun:yes"> </span></td>
<td align="right" class="xl67">$75.00</td>
<td align="right" class="xl67">$505.00</td>
<td align="right" class="xl67">$580.75</td>
<td>PCGS MS64R<span style="display:none">D</span></td>
<td align="right" class="xl68">674%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">6</td>
<td class="xl66">161</td>
<td>1939 Threep<span style="display:none">ence<span style="mso-spacerun:yes"> </span></span></td>
<td align="right" class="xl67">$500.00</td>
<td align="right" class="xl67">$3,250.00</td>
<td align="right" class="xl67">$3,737.50</td>
<td>PCGS MS66</td>
<td align="right" class="xl68">648%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">7</td>
<td class="xl66">155</td>
<td>1928 Threep<span style="display:none">ence<span style="mso-spacerun:yes"> </span></span></td>
<td align="right" class="xl67">$1,000.00</td>
<td align="right" class="xl67">$6,250.00</td>
<td align="right" class="xl67">$7,187.50</td>
<td>PCGS MS66</td>
<td align="right" class="xl68">619%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">8</td>
<td class="xl66">32</td>
<td>1946 Sixpen<span style="display:none">ce</span></td>
<td align="right" class="xl67">$500.00</td>
<td align="right" class="xl67">$2,800.00</td>
<td align="right" class="xl67">$3,220.00</td>
<td>PCGS MS66<span style="mso-spacerun:yes"> </span></td>
<td align="right" class="xl68">544%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">9</td>
<td class="xl66">48</td>
<td>1951 London<span style="display:none"><span style="mso-spacerun:yes"> </span>Halfpenny<span style="mso-spacerun:yes"> </span></span></td>
<td align="right" class="xl67">$100.00</td>
<td align="right" class="xl67">$550.00</td>
<td align="right" class="xl67">$632.50</td>
<td>PCGS MS65R<span style="display:none">D</span></td>
<td align="right" class="xl68">533%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">10</td>
<td class="xl66">59</td>
<td>1964 Halfpe<span style="display:none">nny<span style="mso-spacerun:yes"> </span></span></td>
<td align="right" class="xl67">$25.00</td>
<td align="right" class="xl67">$125.00</td>
<td align="right" class="xl67">$143.75</td>
<td>PCGS MS65R<span style="display:none">B</span></td>
<td align="right" class="xl68">475%</td>
</tr></tbody></table><p>How’s about that - a “humble” 1955 penny that makes no less than <strong>22 times</strong> the start price! Or the 1953 Perth penny that made nigh on <strong>13 times</strong> it’s opening price! <strong>The 1943-S threepence that sold for $2,300!!!</strong> Please keep in mind that these comparisons are only between the nett price paid and the start price - the strength of these prices are even more evident when compared to the figures achieved by near-comparable coins in recent years. (I assert that if “fantastic-er” can be a word, then I assert that <em>“near-comparable”</em> can be one also.)</p>
<p><strong>Top 10 Commonwealth Coins by Dollar Value</strong></p>
<table width="90%" cellspacing="0" cellpadding="0" border="0" style="border-collapse: collapse; table-layout: fixed;"><colgroup><col width="65" span="8" style="width:65pt" /></colgroup><tbody><tr height="16" style="height:16.0pt"><td width="65" height="16" class="xl65" style="height:16.0pt;width:65pt">RANK</td>
<td width="65" class="xl65" style="width:65pt">LOT</td>
<td width="65" class="xl65" style="width:65pt">DESCRIPTION</td>
<td width="65" class="xl65" style="width:65pt">START PRICE</td>
<td width="65" class="xl65" style="width:65pt">HIGH BID</td>
<td width="65" class="xl65" style="width:65pt">NETT PRICE</td>
<td width="65" class="xl65" style="width:65pt">GRADE</td>
<td width="65" class="xl65" style="width:65pt">%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">1</td>
<td class="xl66">71</td>
<td>1920 Plain P<span style="display:none">enny<span style="mso-spacerun:yes"> </span></span></td>
<td align="right" class="xl67">$40,000.00</td>
<td align="right" class="xl67">$75,000.00</td>
<td align="right" class="xl67">$86,250.00</td>
<td>PCGS MS64R<span style="display:none">B</span></td>
<td align="right" class="xl68">116%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">2</td>
<td class="xl66">101</td>
<td>1914H Florin<span style="display:none"><span style="mso-spacerun:yes"> </span></span></td>
<td align="right" class="xl67">$25,000.00</td>
<td align="right" class="xl67">$50,000.00</td>
<td align="right" class="xl67">$57,500.00</td>
<td>PCGS MS64</td>
<td align="right" class="xl68">130%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">3</td>
<td class="xl66">84</td>
<td>1930 Penny<span style="mso-spacerun:yes"> </span></td>
<td align="right" class="xl67">$35,000.00</td>
<td align="right" class="xl67">$35,000.00</td>
<td align="right" class="xl67">$40,250.00</td>
<td>PCGS EF40</td>
<td align="right" class="xl68">15%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">4</td>
<td class="xl66">102</td>
<td>1915 Florin<span style="mso-spacerun:yes"> </span></td>
<td align="right" class="xl67">$25,000.00</td>
<td align="right" class="xl67">$33,000.00</td>
<td align="right" class="xl67">$37,950.00</td>
<td>PCGS MS64</td>
<td align="right" class="xl68">52%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">5</td>
<td class="xl66">79</td>
<td>1925 Penny<span style="mso-spacerun:yes"> </span></td>
<td align="right" class="xl67">$25,000.00</td>
<td align="right" class="xl67">$25,000.00</td>
<td align="right" class="xl67">$28,750.00</td>
<td>PCGS MS63R<span style="display:none">B</span></td>
<td align="right" class="xl68">15%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">6</td>
<td class="xl66">157</td>
<td>1933/34Thre<span style="display:none">epence<span style="mso-spacerun:yes"> </span></span></td>
<td align="right" class="xl67">$8,000.00</td>
<td align="right" class="xl67">$25,000.00</td>
<td align="right" class="xl67">$28,750.00</td>
<td>PCGS MS66</td>
<td align="right" class="xl68">259%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">7</td>
<td class="xl66">116a</td>
<td>1933 Florin<span style="mso-spacerun:yes"> </span></td>
<td align="right" class="xl67">$25,000.00</td>
<td align="right" class="xl67">$25,000.00</td>
<td align="right" class="xl67">$28,750.00</td>
<td>PCGS MS64P<span style="display:none">lus</span></td>
<td align="right" class="xl68">15%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">8</td>
<td class="xl66">60</td>
<td>1921 Star Shi<span style="display:none">lling<span style="mso-spacerun:yes"> </span></span></td>
<td align="right" class="xl67">$20,000.00</td>
<td align="right" class="xl67">$20,000.00</td>
<td align="right" class="xl67">$23,000.00</td>
<td>PCGS MS64</td>
<td align="right" class="xl68">15%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">9</td>
<td class="xl66">9</td>
<td>1918 Halfpe<span style="display:none">nny<span style="mso-spacerun:yes"> </span></span></td>
<td align="right" class="xl67">$7,500.00</td>
<td align="right" class="xl67">$12,500.00</td>
<td align="right" class="xl67">$14,375.00</td>
<td>PCGS MS64R<span style="display:none">B</span></td>
<td align="right" class="xl68">92%</td>
</tr><tr height="15" style="height:15.0pt"><td height="15" class="xl66" style="height:15.0pt">10</td>
<td class="xl66">11</td>
<td>1922 Sixpen<span style="display:none">ce</span></td>
<td align="right" class="xl67">$5,000.00</td>
<td align="right" class="xl67">$12,500.00</td>
<td align="right" class="xl67">$14,375.00</td>
<td>PCGS MS65</td>
<td align="right" class="xl68">188%</td>
</tr></tbody></table><p>There should be no surprises here - the 1920 “Plain” penny has been known to be a rarity by all discerning Commonwealth collectors since the dawn of time; even folks in the general public are aware that the 1930 penny is a rare coin; anyone that has built date sets of Commonwealth coins in any grade will know that the 1914-H and 1915 florins, as well as the 1925 penny are rare in superior grade.</p>
<p>The record price of $28,750 for the 1933/34 overdate threepence was just as astonishing as the $7,200 paid for the 1928 threepence, but perhaps not as astonishing as the $7,200 paid for the 1910 sixpence!</p>
<p>If you have even a passing interest in Australian Commonwealth coins, you owe it to yourself to survey the lie of the land and review the prices realised of this auction - you can be assured that many competing collectors are doing exactly that as you read this.</p>
<p>I expect it’ll take you a fair bit of time to peruse the listed coins and the prices realised, so I’m going to leave my comments on what this auction (may / should / does) mean for the Australian numismatic market to another article.</p>
<p>Feel free to post your thoughts / reaction to the auction results in the comments field below, I’m extremely interested to hear what other collectors have to say.</p>
</div></div></div><div class="field field-name-field-category-news-views field-type-taxonomy-term-reference field-label-above"><div class="field-label">Category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/blog-categories/market-movements">Market Movements</a></div></div></div>Tue, 26 Jun 2012 09:55:09 +0000andrew2134 at https://www.sterlingcurrency.com.auhttps://www.sterlingcurrency.com.au/articles/landmark-event-australian-numismatics-pacific-rim-online-auction-3#commentsNoble Numismatics Sale 96 - The Tale of the Tapehttps://www.sterlingcurrency.com.au/articles/noble-numismatics-sale-96-tale-tape
<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"> <p>In Noble Numismatics Sale 96 Sydneysiders have just had their first numismatic auction of the year, and judging by the results there the market seems to still be tracking as it has since the start of 2011. Which ain't necessarily a bad thing!</p>
<p>There are so many segments of the Australian numismatic market that it probably isn't fair, accurate (or wise!) to make sweeping generalisations about the health of the overall market, however after sitting through three whole days of numismatic auction mayhem (yes, three days from 9am to around 9pm, albeit with three breaks a day in between sessions), my conclusion is that the market is ticking along, albeit perhaps not on all cylinders.</p>
<p><b>Sessions 1 &amp; 2 - Decimal Coins &amp; Cheaper Pre-Decimal Coins</b></p>
<p>Coin collectors, and thus numismatic auctioneers are creatures of habit, and the first items to be put on the block at Noble's auctions are always cheaper Commonwealth coins and decimal coins. Think of these sessions as an appetiser before the main course - digestible nibbles to get everyone in the swing of things before the main courses.</p>
<p>Interestingly (despite the keen interest in silver and gold bullion &amp; coins at present), attendance at these sessions was fairly lean - the number of people actually in the auction room was certainly lower than I expected. This didn't translate into lower prices however, competition was still keen and everything seemed to find it's level. (As much as anything does in an auction anyway.)</p>
<p><b>Session 3 &amp; 4 - Tradesman's Tokens</b></p>
<p>I have to say I had big expectations for this session - it included the widest offering of tradesman's tokens that I've seen for a long time, and this is a rather active area of the market. There were 312 different tokens in this session (that gives you an idea of the scope of the collection and indeed the whole tradesman's token series), unfortunately the clearance rate wasn't all that high, and was slightly less than 40% (by my back of the napkin reckoning - one wouldn't want to use this method to re-engineer the Sydney Harbour Bridge however it suffices for our purposes).</p>
<p>I couldn't really see a pattern to the items that either sold or didn't sell - I have to confess that I'm not too active in tokens myself (apart from those that were struck in WA) so I can't really say what the prices were like, other than to say that based on the amount of bidding and the competition in the room, the market isn't setting new highs at the moment. Token collectors are in the main passionate and quite prepared to put good dollars into chasing items they need for their collection, the flipside of that approach is that they leave well alone anything that doesn't take their fancy. I understand that a couple of the collectors that have been more active than most in recent years didn't take an interest in these items for one reason or another, which may explain the results. I could see that the collectors that were in the room and were determined to buy were happy with what they picked up, which is a good sign.</p>
<p><b>Session 5 - Proclamation Coins, Gold Coins, Pre-Decimal Proofs and Commonwealth Coins</b></p>
<p>The evening sessions truly are the focal point of any Noble sale, and this one was no exception. The range of proclamation / colonial coins on offer here was limited relative to that which Noble's and other auctioneers have handled in recent times, however the vast majority of them sold. Just how the rise in the AUD will impact on demand in this segment is yet to be seen, however cheaper prices for items coming in from overseas could certainly bring forward some demand that's been hanging in the wings.</p>
<p>There was an exceptional Holey Dollar on offer, it may not be the finest known by any means, but it had a lot of eye appeal and a provenance stretching back some 80 years. Truly premium examples of our most historic coins are not parted with lightly, and the fact that this coin was passed in at the estimate shows me that the vendor had certain price expectation that he wasn't prepared to budge on. Who among us can blame them for that! A bit of patience will undoubtedly go a long way to finding the right buyer for that coin. There were a number of dumps in the sale shortly after that, and despite the grade of the latter coins not rating them among the finest known, they all sold.</p>
<p>Lot 1355 was the first Type I Adelaide Pound we've seen on the auction circuit in a while (in any condition), and this high priced rarity didn't find a buyer. Despite what the catalogues say, I don't believe the market is quite ready to accept the price this coin was offered at. Each of the four Type II Adelaide Pounds sold, although not for prices that would set the world on fire.</p>
<p>The sovereigns featured a few rarities, some bullion and a number of really nice collector pieces. Sovereigns have long been a favourite area of mine so I'm always in these sessions with my eyes wide open, this was an active session indeed. The clearance rate in one or two series wasn't great, however it was quite strong in others. I've long believed that the average sovereign collector really only buys a coin if they feel it's excellent value for money (perhaps more so than collectors in other segments), and I'm not entirely convinced that the catalogue values we have at present are accurate across the board. If auction estimates are set in relation to catalogue values, and the catalogue values aren't an accurate idea of the levels where most buyers are prepared to part with their cash, then a low clearance rate shouldn't be taken literally as a weak market. I missed a couple of sovereigns I was after, so the market for good sovereigns remains competitive. There weren't as many half sovereigns on offer here, however it did seem to me that there was less interest in them than in the sovereigns.</p>
<p>There was an extensive range of pre-decimal proofs from the QEII period on offer here, and for the first time, many of them had been graded by PCGS. Although the independent grading services offered by PCGS have been in favour with collectors for some time now, I think I'm correct in saying that this auction will go down as being the first Australian sale to include a good range of PCGS-graded coins. While a good number of them sold, we have to remember that certainly not all of them did! Simply because a coin has been independently authenticated and graded doesn't mean it's going to find a ready buyer at any price - this is something a lot of devotees of PCGS seem to forget.</p>
<p>It isn't going too far to say that the different results obtained by three pairs of 1963 Perth copper proofs is illustrative of the confidence that PCGS gives to some collectors. I saw the condition of the three pairs this way - the first pair were superb, and had been graded by PCGS accordingly, the second were "raw" (i.e. not independently graded) however for mine they were just as attractive as the first pair, the third pair were again raw however were toned in patches and weren't particularly attractive. Using round figures, the three lots made $2,100, $1,400 and $500 (including buyer's premium) respectively. Isn't that an incredible range of values for what were to the layman would have appeared to be three lots that were exactly the same. Is that range of prices going to be reflective of the market for Australian coins for ever more? I very much doubt it, but I think a few more results like this and it will be the sign of things to come for many collectors.</p>
<p>There were a whole heap of Commonwealth coins in this auction - you name it, copper, silver, florins, halfpennies, top condition and heavily worn, the whole lot. I've long had a largely unsubstantiated hunch for a while now that florins and pennies are more popular than the smaller silver denominations. The tale of the tape for this auction certainly reflected that - the clearance rate for the florins and pennies was significantly higher than that for the threepences as an example.</p>
<p>In the silver denominations, there were a number of high grade coins that caught the attention of more than one bidder, particularly when the coin had an attractive and original tone. There were a number of high grade coins that didn't sell however, some of these showed contact marks or surfaces that had been altered or impaired in some way. That valuable coins can be left without a buyer despite the fact they're rare and in incredible condition shows how important a strict set of purchasing criteria is.</p>
<p>For those of you that have been pooh-poohing the prices that have been posted in the McDonald pocket guide for the Foy &amp; Gibson bags sold with the Melbourne Centenary florins back in 1935, you may be surprised to hear that one sold for a touch over $600 the other night! Why in God's name would someone have an interest in an old envelope? These little paper packets really capture the scoial history around the coin being issued, they're tough to get so they're really keenly sought now.</p>
<p>In the copper coins, good KGV pennies with plenty of colour made strong prices, as did anything else from the later eras now that I think of it. I was surprised that the high grade key dates didn't sell, despite some good interest in recent auctions, they were a little soft.</p>
<p><b>Session 15 - Australian Banknotes</b></p>
<p>Well, there's really no polite way to describe this session other than to say that it was pretty much like a crime scene. Blood on the walls, people screaming and grieving, the whole 9 yards. Although there were more people in the room for this session than there were in a few of the coin sessions, the majority of folks weren't waving their cards a great deal! The clearance rate was rather low, and most of those items that did sell went fairly cheaply. Anyone with a remote interest in banknotes should know that right now is a really exciting time to be active in the market - these days surely won't last and I reckon we won't know the market has picked up until these salad days are well and truly over. My advice is to get in while the going's good! This is quite clear when we realise that a couple of the key notes in this session did in fact sell, and sold in line with current expectations.</p>
<p>All in all, there were several million dollars in coins and notes that changed hands in Sydney this week - hardly an indication of a market that's down and out.</p>
</div></div></div><div class="field field-name-field-category-news-views field-type-taxonomy-term-reference field-label-above"><div class="field-label">Category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/blog-categories/market-movements">Market Movements</a></div></div></div>Thu, 14 Apr 2011 07:42:49 +0000andrew2133 at https://www.sterlingcurrency.com.auhttps://www.sterlingcurrency.com.au/articles/noble-numismatics-sale-96-tale-tape#commentsFoy and Gibson Bags for the Centenary Florins - Worth More Than Most of the Coins Themselves!https://www.sterlingcurrency.com.au/articles/foy-and-gibson-bags-centenary-florins-worth-more-most-coins-themselves
<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"> <p>One of the fascinating things that I find about watching markets move is seeing trends emerging in demand. One trend that has picked up a bit of pace in recent months / years is a strong rise in demand for the small paper envelopes that were used by Foy and Gibson when they sold florins commemorating the centenary of white settlement in Victoria, an event known in the numismatic trade as the "Melbourne Centenary".</p>
<p><img src="/sites/default/files/external_images/a8dca55d.jpg" alt="" align="left" width="252" height="200" hspace="10" vspace="10" /><a href="http://en.wikipedia.org/wiki/1934_Centenary_of_Melbourne">The Victorian and Melbourne Centenary Celebrations</a> commemorated a hundred years of European settlement at Victoria’s first two permanent outposts – Portland Bay in 1834 and Melbourne in 1835. Over 300 events and functions were conducted over nine months, from October 1934 to June 1935.</p>
<p> In line with ensuring that the celebrations were well funded, the Centenary Council arranged with representatives of the British Treasury &amp; the Commonwealth Government for special florins commemorating the events to be struck and then sold at a premium above face value, with the profits going to the Centenary Council.</p>
<p> The average weekly wage in Australia was still just 80% of what it was in 1929, and sales of all memorabilia relating to the celebrations were quite subdued. Sales of the florins were so lacklustre that as the time of the final events approached in June 1935, just 15,000 coins had been sold. Mention was made in the Melbourne newspaper that “a local company has an option on 30,000” coins. The department store of <a href="http://en.wikipedia.org/wiki/Foy_&amp;_Gibson">Foy &amp; Gibson</a> distributed numerous Melbourne Centenary Florins in small paper pouches to their customers, and so it is thought this was the company referred to.</p>
<p> If Foy &amp; Gibson paid the Centenary Council one shilling for each coin they obtained, the total cost of £1,500 would have been money well spent on goodwill for their customers – each receiving an unusual coin at face value in their change.</p>
<p>Despite the fact that there were probably more Melbourne Centenary Florins issued in the Foy &amp; Gibson bags than without them (Foy &amp; Gibson’s allocation was 30,000, while sales through the Town Hall were just 24,000), the bags are quite rare today.</p>
<p>Out of a maximum initial number of 30,000, surely less than several hundred bags remain in existence today, particularly in attractive condition. An even smaller number of the Melbourne Centenary florins allocated to Foy &amp; Gibson’s were distributed by the company’s Perth branch - certainly bags issued by that branch are extremely rare indeed.</p>
<p><img src="http://www.sterlingcurrency.com.au/files/FOYSBAG.jpg" alt="Perth Foy &amp; Gibson Bag" title="Perth Foy &amp; Gibson Bag" width="400" height="186" style="float: left; margin: 10px;" />Which brings me to my point regarding this demand trend, reflected in the price paid recently on eBay for a Perth Foy's bag - no less than $711! That is more than what an UNC coin goes for at the moment.</p>
<p>There are several reasons why this bag went for such a decent price - all of the Foy's bags are rare, the Perth bags are even rarer still, and this one was in excellent condition.</p>
<p>Although it's long been known that these bags were tough to get, it's only been in recent times that there has been more than a few collectors prepared to pay good money in order to get them.</p>
<p>Just why would someone want a bag to go along with a coin in their collection? I guess it's because the Foy &amp; Gibson bags capture the social history of the day in such a tangible way, and there really is a rip roaring background to the foundation of the business.</p>
<p>Just what price level will the bags get to? It's going to be interesting to see.</p>
</div></div></div><div class="field field-name-field-category-news-views field-type-taxonomy-term-reference field-label-above"><div class="field-label">Category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/blog-categories/market-movements">Market Movements</a></div></div></div>Mon, 25 Jan 2010 07:28:57 +0000andrew2115 at https://www.sterlingcurrency.com.auhttps://www.sterlingcurrency.com.au/articles/foy-and-gibson-bags-centenary-florins-worth-more-most-coins-themselves#commentsA Tale of Two Segments to the Rare Coin Markethttps://www.sterlingcurrency.com.au/articles/tale-two-segments-rare-coin-market
<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"> <p><a href="http://online.wsj.com/article/SB10001424052748703811604574533732182243424.html">An article in the Wall Street Journal Online last week</a> talked about the different levels of activity in the US numismatic market, the headline reads <em>"Investors Drive Up Prices of High-End Collectibles as Less-Rarefied Items Languish</em>".</p>
<p>I find it interesting for a number of reasons - firstly that there might be differing demand patterns at different levels of any market (exploring the causes of that is interesting in itself), secondly pondering whether such differences exist in the Australian market, and if so what it means for folks like us that have an interest in it.</p>
<p>I find myself in my office with my eyes handing out of my head after getting getting up at the equivalent of 3am Perth time this morning (I was in Sydney for the Noble auction), so I'm not going to really get stuck into the subject now. I reckon my musings will make a bit more sense after I've had a decent night's sleep at Chez Crellin.</p>
<p>Another article online that caught my eye was in the Fairfax broadsheets this morning: "<a href="http://www.smh.com.au/business/woolies-ready-for-frugal-days-20091126-jups.html">Woolies ready for frugal days</a>." Now, does this trend mean anything for us? I think both of them do explain a little of what is going on at the moment, and reckon the results in the Noble auction in Sydney this week are testament to that.</p>
<p>Keep your eyes peeled for an update next week, ,enjoy your weekend.</p>
</div></div></div><div class="field field-name-field-category-news-views field-type-taxonomy-term-reference field-label-above"><div class="field-label">Category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/blog-categories/market-movements">Market Movements</a></div></div></div>Fri, 27 Nov 2009 08:55:46 +0000andrew1983 at https://www.sterlingcurrency.com.auhttps://www.sterlingcurrency.com.au/articles/tale-two-segments-rare-coin-market#commentsThe Proof 1930 Penny - Australia's Most Valuable Coin on the TV!https://www.sterlingcurrency.com.au/articles/proof-1930-penny-australias-most-valuable-coin-tv
<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"> <p>It sure isn't every day of the week that an Australian rare coin makes it into the general media let alone get featured in a serious news program on prime time television.</p>
<p>Yet this is what happened last week when <a href="http://www.1930penny.com.au/">the proof 1930 penny</a> being marketed by <a href="http://www.coinworks.com.au/">Belinda Downie of Coinworks</a> was featured on <a href="http://www.abc.net.au/7.30/content/2009/s2537612.htm">the ABC's 730 Report</a>.</p>
<p><img src="http://www.1930penny.com.au/images/tails.jpg" alt="" width="250" height="250" /><img src="http://www.1930penny.com.au/images/head.jpg" alt="" width="250" /></p>
<p>I wasn't in front of the TV when the segment actually went to air, but thanks to the advent of modern technology, I was able to catch up with the story online <a href="http://www.abc.net.au/7.30/content/2009/s2537612.htm">via the ABC website</a> the next day. Click the link to view the entire segment via your computer screen.)</p>
<p>The start of the segment seemingly went almost exactly according to script, as the following transcript will show:</p>
<p><em>"<strong>KERRY O'BRIEN, PRESENTER:</strong> Here is a story about the value of things past. An Australian penny that's known as the king of this country's rare coins, even internationally renowned as the most valuable copper coin of the era, the proof 1930 penny struck purely as a showpiece by the Melbourne mint at the height of the Great Depression has acquired legendary status, both for its exceptional quality and the circumstances of its striking. Just three of the original set of six proof '30 pennies are in private hands, and the one rare coin aficionados consider see as the pick of the bunch has just been offered for private sale. The coin is predicted to fetch as much as $2 million, which would be a world record. But some rare coin experts have questioned the legitimacy of the coin's advertised provenance as the mint master's coin. Tracee Hutchison reports."</em></p>
<p>The segment begins explored the background to what is one of Australia's most valuable and desirable coins, and trots out the standard explanations as to how and why it was produced. I have not seen any research that provides serious support to the contention that the coin was struck for visitors to the Melbourne Mint during the Depression, however setting that bone of contention aside, the reporter chose to focus on the provenance of this particular example of the coin, specifically the fact that the provenance had been linked to one of the Deputy Masters of the Melbourne Mint, Mr A.M. Le Souef. This is where the story began to yield a bit of juice.</p>
<p>It has been accepted as fact that this coin came from the AM Le Souef collection for many years now, and has been offered at auction several times in the past 2-3 decades on that basis. It seems however that the available evidence doesn't provide unequivocal support for this claim. A very early copy of the South Australian Numismatic Journal includes an article by Mr Syd Hagley, explaining how the item that the proof 1930 penny that he acquired had been given to him by the Art Gallery of South Australia (AGSA - holder of one of the largest and most important numismatic collections in the country). If both the previous contention of the auction house and Hagley's comment in the SANJ are accepted as being correct, then this means that Hagley in fact had two examples of Australia's rarest coin in his collection - not beyond the realms of possibility, however possibly doubtful given the rarity of the coin and the fact it was only provided to public institutions once struck.</p>
<p>Several numismatic experts appears on the program and discussed the facts behind the provenance, and how this impacted on the appeal of the coin, and although neither of the gentlemen concerned agreed unreservedly with the provenance as it has been represented to date, neither of them decried the coin, nor it's historical importance, nor it's appeal to collectors, much less it's market value. The tail end of the segment featured a written statement from one of the elder statesmen of the Australian numismatic scene, Mr Dion Skinner, confirming that the coin was indeed owned at one stage by AM Le Souef, which certainly gives credence to the claim that this is the case.</p>
<p>Just whether time will confirm this view will depend on additional facts coming to hand, which isn't entirely unforseeable since public access to public records on the subject is restricted and has been limited in years past. In my experience with numismatic research, "urban myths" such as this always have a kernel of truth in them somewhere, it'st just that sufficient work hasn't yet been done to confirm it 100%.</p>
<p>The brutal truth is that the fact that the provenance of this particular coin has been contested in a fairly public way may indeed put off one or two potential buyers from considering it, however I have little doubt that there would be an army of collectors who'd purchase the coin regardless if they had the funds. If I win Powerball or gain financial independence any time soon by following more traditional wealth creation means, I will definitely be spending some time in our public institutions doing research that will put an end to controversies such as this!</p>
</div></div></div><div class="field field-name-field-category-news-views field-type-taxonomy-term-reference field-label-above"><div class="field-label">Category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/blog-categories/market-movements">Market Movements</a></div></div></div>Mon, 13 Apr 2009 02:59:30 +0000andrew2068 at https://www.sterlingcurrency.com.auhttps://www.sterlingcurrency.com.au/articles/proof-1930-penny-australias-most-valuable-coin-tv#commentsThe 2009 Perth ANDA Show - Business As Usual!https://www.sterlingcurrency.com.au/articles/2009-perth-anda-show-business-usual
<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"> <p>It's been two weeks since the ANDA trade show for 2009 was held at <a href="http://www.business.burswood.com.au/">the Burswood Convention Centre</a>, and the dust has now settled at the Sterling &amp; Currency offices. I've given up trying to forecast how much business I'll do at one of these shows, my approach is now to turn up in the best manner possible and deal with whatever happens! The recent Perth ANDA show was yet another example of the benefit of that approach - here we are either in a recession or at the very least heading into one, and at a time when consumer spending had fallen off a cliff right throughout the country.</p>
<p>Despite the prevailing economic climate, activity at the Perth show was pretty much business as normal! Attendance was down on the previous year by some 30% (I'm going on my memory of a conversation I had with the show organizer at the time, but I'm pretty sure that's correct), however activity was quite solid. I was able to sell a few high value items, and was busy right throughout both days with normal collector fare across several numismatic categories. I heard of some astonishing material being offered around the room by locals that were selling, and I know of a few wholesale deals that took place as well over the weekend.</p>
<p>To be sure activity is not strong in every segment of the market, and even great quality items nee to be priced right in order to attract a buyer, but despite what we might think given the doom and gloom that's often in the mainstream financial media at the moment, there is solid activity still taking place in the Australian numismatic market.</p>
</div></div></div><div class="field field-name-field-category-news-views field-type-taxonomy-term-reference field-label-above"><div class="field-label">Category:&nbsp;</div><div class="field-items"><div class="field-item even"><a href="/blog-categories/market-movements">Market Movements</a></div></div></div>Sat, 14 Mar 2009 07:04:20 +0000andrew2034 at https://www.sterlingcurrency.com.auhttps://www.sterlingcurrency.com.au/articles/2009-perth-anda-show-business-usual#comments